(1) Only the competent authority of an insurance undertaking's home Member State shall be entitled to decide on the opening of winding-up proceedings with respect to the insurance undertaking, including its branches in other Member States.
(2) A decision to commence winding-up proceedings in respect of an insurance undertaking, including its branches in other Member States, shall, once it takes effect in the State, also take effect in those other Member States.
(3) Winding-up proceedings in respect of an insurance undertaking, including its branches in other Member States, are governed by the Act of 2014 and the Insurance Acts, as appropriate, unless otherwise provided by Regulations 285 to 293.
(4) A decision to commence winding-up proceedings by the competent authority of a Member State other than the State, in respect of an insurance undertaking authorised in that other Member State, including any branch of the undertaking in the State, shall take effect in the State once it takes e
…